Well, usually holding company's, specially in India have been trading at a discount historically. VHL, like many, worth lot more than what the market is quoting for it. I remember my finance prof once said that holding company kills value. I too happen to like VHL, have been liking it for sometime now. Their owners live near my neighborhood (Ludhiana) hence the inclination. Coming to a particular range is tough with companies like VHL, specially with a conglomerate having a holding company for its subsidiaries with no intention of selling a stake. VHL, sometimes trades cotton in international markets on behalf of subsidiaries which puts me off.